Cushman & Wakefield Sells Commercial Building in Chinatown
A commercial building at 135 Bowery, located between Grand and Broome Streets in Manhattan’s Chinatown neighborhood, was sold in an all-cash transaction valued at $16,137,500.
The eight-story building contains approximately 17,267 square feet on a 25’ x 106.67’ lot. Newly constructed, it consists of a retail unit on the ground floor with approximately 20’ ceilings plus a mezzanine and seven floor-through commercial units above with approximately 10’ ceiling heights. Delivered vacant, the building came with brand new HVAC package units on each floor, separate gas and electric meters and was serviced by two newly installed elevators. The sale price equates to approximately $935 per square foot.
The building is ideally situated in the epicenter of one of New York City’s most vibrant neighborhoods.
“After an extensive marketing process that drew interest from end-users and investors worldwide, the eventual purchaser was someone who was already invested in the neighborhood, who understands what tenants desire in this location and can speak for the Bowery’s burgeoning transformation,” said Cushman & Wakefield’s John F. Ciraulo, who exclusively handled this transaction with Michael F. DeCheser. “Newly constructed buildings are a rare commodity, especially on Bowery,” added Michael.